According to Bloomberg and Caixin. comIt was reported from June 9 to 11 that SpaceX will complete its IPO pricing tonight (June 11, U.S. Eastern Time) and officially list on Nasdaq tomorrow (June 12) under the stock code "SPCX." The issue price is US$135 per share, with 555.6 million shares issued, a fundraising scale of US$75 billion, and a valuation of approximately US$1.8 trillion. The subscription demand of institutional investors has exceeded four times the issuance scale. Many institutions have submitted US$10 billion orders, and Fubon Life Insurance plans to have a subscription limit of US$600 million.
"Core data of "Cosmic IPO"
SpaceX's S-1 document reveals the "ice and fire" of its business structure:
| Business plate | 2026 Q1 data | core feature |
| Starlink | Revenue of US$3.257 billion, profit of US$1.188 billion | Positive cash flow, EBITDA margin of 63% |
| space business | $619 million in revenue,$662 million in loss | Rocket launch, technologically advanced but costly |
| xAI (AI Business) | Revenue of US$818 million, loss of US$2.469 billion | "Cash black hole" relies on IPO financing |
| total | $4.7 billion in revenue | Star Chain profits were swallowed up by xAI's huge losses |
Musk: Only 2.2% increase from "trillions"
According to the Bloomberg Billionaires Index,Based on the US$135 issue price, Musk's personal net worth can reach US$988 billion. If the stock price only rises by 2.2% to US$138 after listing, he will become the first trillion-rich person in human history. If the valuation were to rise to $2 trillion, its net assets would exceed $1.1 trillion, three times that of Google co-founder Larry Page.
Musk will hold a contract82.4% voting rights (through the A/B share structure) and a commitment not to reduce holdings within 366 days after the IPO, sending a long-term commitment signal to investors. The IPO is an "all-primary" offering, with all proceeds belonging to the company and existing shareholders unable to sell their shares.
The three major credit rating agencies give investment-grade ratings
Moody's, S & P, Fitch have givenSpaceX's investment-grade credit rating will help it enter the investment-grade bond market at a lower cost and expand the allocation space for long-term investors such as insurance companies and pension funds.
Nasdaq's "quick inclusion" rule: 100 in 15 trading days
NASDAQThe new "Fast Entry" rule, passed in March 2026, allows newly listed companies with market capitalisation in the top 40 of the Nasdaq to be quickly included in the index within 15 trading days of listing (it took about three months previously). SpaceX clearly will quickly include the Nasdaq 100 as a key condition for selecting Nasdaq, which will generate a large number of passive fund forced buying.
SpaceX's pricing tonight is a milestone moment in human business history. $75 billion in fundraising, 4 times oversubscription, and a $1.8 trillion valuation-these figures are not only the pricing of space infrastructure, but also the ultimate vote on the "Musk narrative." But investors need to be clear: although Star Chain's cash flow is strong, xAI's huge losses (US$2.469 billion in a single quarter) are a structural burden; Musk's 82.4% voting rights mean a high degree of concentration of corporate governance; and long-term visions such as "Space Data Center"(target a US$28.5 trillion market) are still in the PPT stage. SpaceX's IPO will answer a fundamental question: Are capital markets willing to pay a higher premium for "dreams" than "reality"? If successful, it will set valuation benchmarks for subsequent listings of OpenAI (September) and Anthropic (October); if it breaks, it could trigger a chain cold wave in the AI/technology IPO market.